Pay a new concept: double offline payment ETPC
Buying a hand and handing over the money is an equal value exchange in the case where both parties agree. Since the emergence of electronic payment methods, we can complete a transaction by swiping with a mobile phone, and the money is transferred from your electronic account to the other party's account. The essence of this process is to convert the cash that is carried around with it into electronic money stored on a remote server.
If you didn't have a network at the time and you didn't bring cash, can the transaction be completed at this time?
The essence of the transaction is to achieve reliable and secure equal value exchange. The problem that ETPC has to solve is how to complete the equal value exchange without the network.
Europe Two-way Payment (ETPC) is a blockchain offline two-way payment project initiated by the Hungarian government's BCC. BCC is the Hungarian Blockchain Research Institute. The blockchain organization led by the Hungarian government has research and investment. And other business.
ETPC is based on mobile payment. The original intention is to find a way or channel to achieve two-way payment/double-offline payment through blockchain, even if both parties are offline. As long as the phone has power, even if the network is broken, the payment technology can be realized. With the joint efforts of community development members, they finally achieved a major breakthrough in technology and found the possibility of double offline payment.
For the first time, ETPC broke the technical barriers of dual offline payments and reached a new cryptocurrency and legal currency payment model, allowing users to use cryptocurrencies to pay for transactions based on legal currency transactions under “offline conditions”. After a long period of technical research and development, ETPC has found a centralized payment system compatible with cryptocurrency payment system, directly accessing the cryptocurrency payment system without destroying the original ecological basis of the centralized payment system, and constructing a transaction that supports any currency. Decentralized payment system. At the same time, based on the technical characteristics of blockchain and the characteristics of wireless technology, it has developed a “double offline payment” with irreversible modification. This technological breakthrough means that both cryptocurrency and decentralized payment are naturally integrated, and the transition from centralized payment is natural. To decentralized payments, from "online conditions" to "offline conditions".
Under the endorsement of the ETPC Payment Protection Fund, the user can directly use the ETPC to scan the ETPC QR code for payment under the “offline condition”, and pay the debit payment using the cryptocurrency ETPC equivalent to the actual consumption of the legal currency, and package it into blocks. To update the own node book, the merchant can choose to accept the legal currency or cryptocurrency to complete the transaction. When the user returns to the "online condition", the offline block is updated to the ETPC in real time, and then the latest asset update is performed.
In the future, ETPC will continue to explore various areas of legal currency consumption, and strive for ETPC to exercise the cryptocurrency and legal currency payment in any country and region (Europe Two-way Payment).